The S&P/ASX 200 Index (ASX: XJO) had a difficult time in February and sank deep into the red. During the month, the benchmark index fell 4.2% to end the period at 8,172.4 points.
While a good number of ASX 200 shares tumbled with the market, some fell more than most. Here's why these were the worst performers on the index last month:
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price was the worst performer on the ASX 200 with a decline of 35%. The catalyst for this was the release of a very disappointing half year result from the mining and mining services company. Mineral Resources reported a 9% decline in revenue to $2,290 million and a 55% reduction in underlying EBITDA to $302 million. Things were even worse on the bottom line, with the company swinging to a statutory loss after tax of $807 million. This includes $352 million of post-tax impairment charges, primarily related to Bald Hill, and $232 million post-tax translation impact on foreign currency denominated balances.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price wasn't far behind with a disappointing 33% decline. This follows the release of the fuel retailer's full year results. Viva Energy reported a 20.1% decline in net profit after tax to $254.2 million for the 12 months. The company's CEO, Scott Wyatt, said: "Group performance was negatively impacted by lower demand within our convenience business due to cost-of-living pressures and illicit tobacco trade, coupled with high inflation lifting the cost of doing business. Regional refining margins also declined in the second half of the year, triggering federal government support in the third quarter."
Block Inc. (ASX: XYZ)
The Block share price was out of form in February and crashed 32%. Investors were selling the payments giant's shares following the release of its fourth quarter results. Block's results revealed lower than expected revenue growth of 4% year-on-year. Also weighing on the company's share price was its guidance for FY 2025. Management revealed guidance which was softer than the market was expecting.
Polynovo Ltd (ASX: PNV)
The Polynovo share price was sold off and dropped 31.6% over the period. This was driven by the release of the medical device company's half year results. Polynovo reported a 28.1% increase in sales to a record of $54.1 million and a 23.9% increase in net profit after tax to $3.3 million. However, it posted a $12.5 million operating cash outflow for the half, which appears to have disappointed the market. In addition, no guidance was provided for the full year.
